NHL contracts rise along with salary cap as league drops puck on 2025 season
Commissioner Gary Bettman is a happy man as the NHL drops the puck on its 109th season Tuesday night. The league is experiencing a period of unprecedented growth with record attendance, record revenue and league-wide parity.
Why is the NHL in a good place?
The league has never been stronger from a financial standpoint. The league posted a record $7 billion in revenue for the 2024-25 season. For comparison, that’s less than a third of the $23 billion the NFL raked in for 2024, but it allows teams across the league to improve facilities, marketing and above all, pay more for players and coaches.
The NHL’s salary cap is set at $95.5 million for the 2025–26 season. That number is expected to rise to $104 million in 2026–27 and $113.5 million for the 2027–28 season. Over the three years, that means player payrolls are set to rise by more than 25%.
Players are already cashing in. Minnesota Wild forward Kirill Kaprizov signed a record-setting eight-year, $136 million deal last week, valued at $17 million per season. Edmonton Oilers star Connor McDavid signed a two-year, $25 million deal to chase another Stanley Cup in his 11th season.
Can the Florida Panthers win three straight?
The Oilers have lost in the last two Stanley Cup Finals to the Florida Panthers, who will raise their championship banner Tuesday night before their season-opening game against the Chicago Blackhawks. Bettman heaped praise upon the two-time defending champions.
“It really emphasizes how important the team concept is,” Bettman said. “At the end of the day, with our competitive balance, it’s extraordinary for a team to be in the Stanley Cup Final three years in a row, to win it twice, and to be going for a three-peat. They’ve done a remarkable job down in Florida.”
What is unique about the upcoming season?
The upcoming season will be paused in February for the 2026 Winter Olympics in Italy, which will feature NHL players for the first time since 2014. Bettman believes the success of the 4 Nations Tournament in 2024 has raised expectations for international events.
“We’re going to the Olympics,” Bettman said. “Players are going back, and again, that shows the players’ commitment to the game because it was important to them to be able to go to the Olympics. We have a couple of outdoor games in Florida, of all things. Our competitive balance is extraordinary. And so when you look at how we start on day one, we’re looking forward to what should be an incredibly good season.”
A record 23 million fans packed arenas around the NHL last year, and the commissioner expects that number to be challenged again this season.
The league also completed a four-year collective bargaining agreement with the NHL Players’ Association in June without much negotiating drama. Major League Baseball and WNBA labor discussions could be a bit more testy.
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Ella Rae Greene, Editor In Chief
